DUBLIN, Jan. 25, 2022 /PRNewswire/ — The “Automotive Upholstery – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Automotive Upholstery Market to Reach US$5.2 Billion by the Year 2026
The global market for Automotive Upholstery estimated at US$3.6 Billion in the year 2020, is projected to reach a revised size of US$5.2 Billion by 2026, growing at a CAGR of 6.6% over the analysis period.
Automobile upholstery market is poised to grow with the need for better safety and comfort for seat covers. Considering the time spent driving every day, car interiors are being improved to give living room comfort and wellness. Improved textiles have been developed to have micro encapsulation effect, high heat capacity, luminosity, reflectivity, antibacterial effects and temperature dependent air permeability.
With this, the use of such textiles in mid-range vehicles is poised to increase from 20 kilograms to 35 kilograms, with a decrease in overall weight of vehicle due to other factors. Polyester or PET is the fabric used to a great extent until now but this is bound to decline due to the demand for fibers such as aramid, viscose (rayon, polyamide (PA) and Polypropylene (PP)). Women customers often have unique needs such as smart storage, easy to park, minimum maintenance and customized interiors, providing huge opportunities for car interior customization.
Leather Segment to Reach $1.1 Billion by 2026
Synthetic Leather, one of the segments analyzed in the report, is projected to grow at a 5.5% CAGR to reach US$1.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Thermoplastic Polymers segment is readjusted to a revised 6.9% CAGR for the next 7-year period. This segment currently accounts for a 22.6% share of the global Automotive Upholstery market.
Leather represents the preferred choice of automakers for premium models owing to its stylish, luxurious and durable nature. Leather represents the preferred choice of automakers for premium models owing to its stylish, luxurious and durable nature. Being plush and luxurious in nature, leather upholstery is the best option for customers seeking comfort and appealing interiors. The stylish material can be easily patterned or colored, is convenient to clean and boasts superior stain resistance.
In the global Leather segment, USA, Canada, Japan, China and Europe will drive the 5.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$527.8 Million in the year 2020 will reach a projected size of US$817.6 Million by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$237.5 Million by the year 2026, while Latin America will expand at a 7.9% CAGR through the analysis period.
The U.S. Market is Estimated at $717.7 Million in 2021, While China is Forecast to Reach $1.2 Billion by 2026
The Automotive Upholstery market in the U.S. is estimated at US$717.7 Million in the year 2021. The country currently accounts for a 19.3% share in the global market.
China, the world’s second largest economy, is forecast to reach an estimated market size of US$1.2 Billion in the year 2026 trailing a CAGR of 9.2% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.3% and 3.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.8% CAGR while Rest of European market (as defined in the study) will reach US$1.4 Billion by the end of the analysis period.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- A Review of the Changing Automobile Business Models & the Growing Role of Innovative Component Suppliers in the Supply Chain
- The Race Between the Virus & Vaccines Intensifies. Amidst this Chaotic Battle, Where is the World Economy Headed in 2021?
- These are Times When Questions Abound & Answers Are Few
- So How Fast Or Slow Are We Moving?
- With IMF’s Upward Revision of Global GDP Forecasts for 2021, Most Companies Are Bullish About an Economic Comeback Despite a Continuing Pandemic
- How the Automotive Industry was Impacted by the Pandemic & What’s the New Normal?
- Unprecedented Disruptions in the Supply Chain Triggered by COVID-19 Accelerates the Urgency to Rethink Supply Chain Management
- How Are OEMs Responding?
- Automotive Upholstery: Definition, Types & Importance
- Here’s How the Market is Evolving & Changing
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 89 Featured)
- Auto Textile SA
- CMI Enterprises
- Gilbreath Upholstery Supply
- Gruppo Mastrotto SpA
- Katzkin Leather, Inc.
- Lear Corporation
- MARTUR FOMPAK International
- Marvel Vinyls Limited
- Moorestown Auto & Boat Upholstery Inc.
- Sage Automotive Interiors
- Seiren Co., Ltd.
- SMS Auto Fabrics
- The Haartz Corporation
- Toyota Boshoku Corporation
3. MARKET TRENDS & DRIVERS
- Production Halts Induced by Chip Shortages, Hobbles the Much Awaited Robust Recovery of the Automotive Industry
- Big Blow to Planned Production Impacts All in the Supply Chain
- Impacted by Shortages (In 000 Units) by Region as of August 2021
- Chip Shortage to Plague Auto OEMs Way Into 2022
- Long Gestation Periods for Capacity Expansion, a Prime Factor Challenge a Quick Supply Rebound
- Automakers Left With NO Alternative But to Brace for Continued Pain
- Automotive Lightweighting Trend Spurs Demand for Lightweight Auto Fabrics & Textiles
- Environment Friendly Sustainable Textile to Make a Big Impact on the Market
- Expanding Role of Nanotechnology in Automotive Textiles/Upholstery
- Increasing Usage of Carbon Fiber: A Key Trend in the Market
- Nonwoven Upholstery to Have a Bright Future
- Auto OEMs & Their Customers Say No to Noise
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/6dv3c
Research and Markets
Laura Wood, Senior Manager
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SOURCE Research and Markets